Buried in one of the SEC documents is a reference to Plasma Scientific Corporation as being a subsidiary of PTSC. See F-8 of the 10-K.

As of mid-May 2012 two people associated with PSC were Lowell Giffhorn and Jeffrey Wallin and it was defined as "Inactive" since January 1998.

http://www.corporationwiki.com/California/San-Diego/plasma-scientific-corporation/42959509.aspx

So why, if it has been considered Inactive for over 14 years, does it still show in PTSC filings? (10K: 2. Summary of Significant Accounting Policies)

I believe this was one of Woody Norris' original companies.

The current PTSC Auditors, KMJ Corbin & Company LLP, for at least the second year in a row have carefully stated that they don't check into the company's internal financial controls, only on the numbers presented to them. This would seem to imply that there is no external oversight of what expenses, costs etc are paid by PTSC nor why they are paid. Although the independent internal audit is apparently not a legal requirement, if true then this is yet another insult to shareholders. Are payments being made to PSC/Giffhorn/Wallin or others?

10-K F-2:
The Company is not required to have, nor were we engaged to perform, an audit on its internal control over financial reporting for the years ended May 31, 2012 and 2011.

Our audits for the years ended May 31, 2012 and 2011 included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion for the years ended May 31, 2012 and 2011. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Just some thoughts....